• Tallman

Bahrain imposes sanctions on Iranian banks and jails bank officials


Yesterday, a Bahraini court sentenced Iranian “Future Bank” officials to 3 years imprisonment and financial fines, including 3 Iranian banks, estimated at 70 million dinars (185 million dollars).

Last February, the Bahraini Public Prosecution Office condemned individuals and entities related to the "Bank of the Future" issue, following investigations that revealed the stripping of $ 7 billion in data, the violation of sanctions imposed on Tehran, the financing of Iranian entities, and money laundering operations.

The Chief Prosecutor, Muhammad Jamal Sultan, announced that the Supreme Criminal Court issued yesterday legal judgments in 10 cases related to money laundering, in which 3 officials in the "Future Bank" were charged, in addition to that bank; 3 Iranian banks, where the total fines passed amounted to 70 million dinars (185 million dollars) and confiscation of the remittance amounts that exceeded two and a half million dollars.

The court also ruled to convict all of the defendants, and to punish officials of the "Future Bank" with a prison sentence of 5 years and fined each of them the amount of one million dinars, as well as the fine of each of the banks involved in the amount of one million dinars (2.6 million dollars), with the confiscation of the amounts of money transfers subject to the crime. The Public Prosecution announced earlier that its investigations revealed a scheme that enabled Iranian entities; Including those involved in terrorist financing or subject to international sanctions, from carrying out international transactions while avoiding regulatory scrutiny.

It was found that the "Future Bank", which works under the supervision of the "National Bank of Iran (Melli)" and "Bank of Iran Exports", passed thousands of international financial transactions while providing covers for Iranian entities in them. The bank faces charges of concealing and deliberately removing basic information when transferring funds via the SWIFT network.

The Public Prosecution referred officials of the "Future Bank" and the banks involved with it to criminal prosecution for multiple crimes under the law prohibiting and combating money laundering and terrorist financing.

The Public Prosecution is continuing its investigations regarding the remaining facts that included the fact that the "Bank of the Future" and Iranian banks, for the same purposes, are implementing international transactions in violation of the Law on Prohibition and Combating Money Laundering and Terrorist Financing and the laws and banking regulations in force in the Kingdom, in preparation for referring those cases to the criminal trial, according to the President The prosecution.

By Obaid Al Suhaimi, 19 June 2020, published on Asharq Al-Awsat

Thanks to Sonny Saguil for sharing their work on Unsplash.

website_logo_transparent_background.png

Subscribe to Our Newsletter

  • LinkedIn
  • White Facebook Icon

© 2023 by i-AML